We met with an atty about 10 years ago who specialized in special needs trusts and had one drawn up for Jacob. If both my husband and I were to die a % would go to each child (our 2 other kids had a regular trust).. I would be very care ful and look around as these special needs trusts are very complicated and the rules change. Ask how many they do a week? our does about 2-3/week. How long have they done it and how many have been put into effect and were there any problems when they went into effect.
Last fall Jacob turned 18 and we begain the paperwork we needed to do to convert it to one for legal adults. We funded it with $`100 so it was good. Likewise the kids each get 1/3 but Jaocb's won't now disqualify him for MA. Now that he's 18 and living on his own in college the MA ie medical assistance is very important has it helps pay for care givers.
The main advice was to have a special needs trust drafted (like Cheri was mentioning). In our state, just $2,000 in assets will disqualify a person from Medicaid. A special needs trust allows you to keep assets for specific, mostly disability related expenses, and maintain eligibility.
The second major takeaway was to make sure you have enough insurance on the parents to cover financial needs (for yourself and your disabled dependent) in case of your death or disability. The disability part was something I hadn't thought much about - he claimed that statistically you were more likely to become disabled than die during your working life. I fact checked it - appears to be true. I'm covered through work - he said to take a close look at exactly what the coverage was - and consider supplemental coverage if needed.